If you do it as described then your friend will be illegally exporting a vehicle from the US. Which could cause you problems when reentering the US with the bike if US Customs check the vin and ownership. Not that they've ever checked a bike of mine. But i'm sure they must do the occasional spot check.
Then youll be avoiding paying duty/taxes and a RIV fee on the Canadian side which im gonna assume is illegal.
If you're not bothered about the above then get them to sign over the ownership and get a bill of sale from your friend.
If you do decide to take it back to the US then you'll need a Y38. There's plenty of info on here about them.
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